Q. Are my customers' credit card transactions secure?
A.

Yes. Please review our Privacy Policy for details.

Q. Can I accept debit cards?
A.

Yes, Opta Pay allows you to accept and process payments from debit cards which will be ran as a "signature debit" transaction (no PIN).

Q. Does my business qualify for a merchant account?
A.

Qualifying for a merchant account is determined by applying with the Merchant Application. It is dependent on the type of business, the credit worthiness of the signer, as well as the credit history of the business. As soon as you are approved, Opta Pay will start allowing the processing of card payments.

Q. Does Opta Pay allow payments using PayPal, Venmo, Apple Pay or other similar payment methods?
A.

Unfortunately, Opta Pay currently does not support these payment methods, but they are on our roadmap.

Q. How do I know if my business is considered "high risk"?
A.

Please see the Opta Pay Restricted Business Policy for full details or contact us with further questions.

Q. How long does my merchant account take to get approved?
A.

This answer can vary based on a number of factors including, but not limited to, the speed in which we receive all the required documents, your risk level, and the processing program to which you have applied. Typically, the approval process is completed within 48 hours. However, this timeframe can extend depending on stipulations related to your account.

Q. How long will it take before I start getting paid?
A.

Your first payout typically occurs in seven (7) days after the first successful payment is received, but may take up to fourteen (14) days for businesses in certain industries. This is necessary for us to mitigate some of the risks inherent in providing services and reducing fraud. Subsequent payouts are made within one to two (1-2) days.

Q. How long will it take for my business to begin accepting card payments?
A.

As soon as you are approved, Opta Pay allows you to start processing card payments online using our Virtual Terminal right away. If your business needs payment terminals for card-present transactions (such as for in-store purchases), payment terminals may take some time to be shipped due to current supply chain issues and shortages.

Q. I'm applying for a merchant account, but I don't use checks. What can I send instead to connect my bank account for payouts?
A.

Instead of a voided check please reach out to your local banker and ask for a bank letter with the following:

• Letter should be on bank letterhead or form
• Full name on account (company name if it's a business account)
• Full routing number
• Full account number
• Signed and stamped by banker (include the banker's business card if unstamped)

Q. If my business is considered high risk, can I still be approved to use Opta Pay?
A.

Because Opta Pay is dedicated to supporting small businesses of all types, we are committed to doing our best to provide processing to all legal and legitimate businesses no matter their risk level. However, there will be some businesses or Merchants that will be unable to get approved for a variety of reasons. If you have any questions or concerns regarding if you can or will be approved, please reach out to your sales associate or contact us for a detailed analysis of your business.

Q. What are the payment types I am able to accept?
A.

Reports have shown that offering multiple payment channels to your customers equates to an increase in revenue generation. Offering customers the right easy-to-use payment tools at checkout allows your business to go beyond cash transactions, expanding your opportunities. Opta Pay supports many different payment methods, including the following:

• In-Person Payment: In-person payments are the most common form of payment processing where a customer's credit or debit card is presented to the merchant and is processed via either a card swipe, having its chip read by a chip reader, or by tapping an NFC equipped card to a card terminal.
• Mobile Payments: A mobile payment is a money payment made for a product or service through a portable electronic device such as a tablet or cell phone. This typically comes in the form of Opta Pay's payment form embedded into a merchant's mobile app, or done using the mobile device's compatible web browser and the Opta Pay Virtual Terminal.
• eCommerce Payments: eCommerce (or electronic commerce) is the buying and selling of goods (or services) on the internet. Payment processing for eCommerce is done by the merchant embedding a small piece of code provided by Opta Pay into the merchant's eCommerce website. This piece of code provides a payment form where the customer can safely & securely provide their payment details.
• Virtual Terminal: A Virtual Terminal is a software application for businesses that allows them to accept payment with a payment card, specifically a credit card, without requiring the physical presence of the card. The Virtual Terminal is provided by the Opta Pay web application and works on any device with a compatible web browser.
• ACH Payments: An ACH payment is a type of electronic bank-to-bank payment in the US. Payments via ACH are made through the ACH network, rather than going through the card networks such as Visa or Mastercard. This network coordinates electronic payments and automated money transfers between banks without using paper checks, wire transfers, credit card networks, or cash.

Q. What card brands can I accept?
A.

Opta Pay currently accepts debit & credit cards from Visa, Mastercard, American Express, and Discover.

Q. What is PCI-DSS Compliance?
A.

PCI (Payment Card Industry) DSS (Data Security Standard) compliance refers to the set of security standards that organizations must follow to ensure the safe handling of credit card and debit card information. The PCI Security Standards Council sets these standards and provides a set of requirements that businesses must follow to ensure that they are properly protecting this sensitive information.

Some key elements of PCI compliance include:

• Building and maintaining a secure network
• Protecting cardholder data
• Maintaining a vulnerability management program
• Implementing strong access control measures
• Regularly monitoring and testing networks

Organizations that handle card payments must ensure that they are PCI compliant, as non-compliance can result in fines, legal action, and damage to the company's reputation.

Q. What's an acceptable chargeback ratio?
A.

While you are applying for a merchant account, the banks want to see a chargeback ratio under 3%. If you are already processing with the bank and have a long-standing history they may be more forgiving. If you exceed the chargeback threshold in any given month you run the risk of account termination with Opta Pay.

Q. What's the difference between a refund and a chargeback?
A.

A refund is when a customer disputes a charge with the merchant and the merchant returns the customer's money. A chargeback is when a customer disputes a charge with their bank or credit card provider and it is they who return the customer's money.

Q. When applying for a merchant account, what do I put for 'Legal Name' if my business is a sole proprietorship?
A.

Put your first and last name as it appears on your government issued identification.

Q. Why is my business considered high risk?
A.

Most processors work with conventional (or tier-one) banks. These banks focus on retail card-present transactions, and anything that falls outside of that may be considered high risk. Each and every bank differs slightly on the types of industries allowed within their credit policy, so please contact us if you are unsure about your business' risk.